Nippon Yusen suspects embezzlement by ex-managers at China unit

Reuters Staff

1 Min Read

TOKYO (Reuters) - Japanese shipping company Nippon Yusen KK said it had set up an investigation committee after finding that former managers at a Chinese subsidiary may have committed embezzlement or made unlawful expenditures.

Nippon Yusen said in a statement late on Tuesday it estimated a 2 billion yen ($18.6 million) charge related to the conduct at the Shanghai-based unit, which is engaged in the finished-car logistics business.

The company said it was considering applying for an extension of a Feb. 14 deadline to file its third-quarter earnings.